Grand City Properties

On valuation, the picture is attractive. The owner-earnings multiple stands at 3.2×; owner earnings: the cash an owner could take out each year. The implied growth embedded in that price is around -21% a year, against analyst forecasts of -5%. The price, in other words, assumes less than the experts do.

Growth is tepid; the safety picture is sturdy. The company scores 8/20 on our value-creation score: creating some value.

Flags to be aware of: Reported profits have run ahead of actual cash for several periods. As always: this describes the company's numbers; it is not a recommendation.